The demand for at-retirement advice outweighs the number of advisers providing it, according to Ernst & Young director Malcolm Kerr.
At the Tenet annual conference in Windsor last week, Kerr said there is “a wall of money” coming into the at-retirement sector.
He said: “The demand for at-retirement advice is increasing exponentially and there is a wall of money heading at and already in this area. The demand for at-retirement advice is growing and adviser numbers will fall following the RDR. The demand probably far outweighs the supply even today.”
Kerr said advisers in this area will be able to bring in more clients or increase their fees as a result of the growing demand.
He said: “If you were running a restaurant and you had too many people coming in, you would either bring some more tables out or put up your prices. The advice you are giving is not a cheap service and I would urge you not to sell it cheaply.”
AWD Chase de Vere head of communications Patrick Connolly says: “Without doubt, there are a lot of people with a lot of wealth coming into the at-retirement market looking for advice.”